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FuturesTrader71 (FT71) / Morad Askar - Ask Me Anything (AMA)
Started:March 7th, 2013 (03:35 PM) by Big Mike Views / Replies:103,869 / 509
Last Reply:November 29th, 2016 (02:49 PM) Attachments:19

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FuturesTrader71 (FT71) / Morad Askar - Ask Me Anything (AMA)

Old May 14th, 2013, 12:32 PM   #121 (permalink)
 Vendor: www.futurestrader71.com 
Chicago, IL, USA
 
Futures Experience: Advanced
Platform: S5 Trader, IQFeed, IRT
Broker/Data: Stage 5 Trading Corp
Favorite Futures: ES, M6E, FDAX, TF, NQ, GC
 
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Posts: 229 since Feb 2012
Thanks: 48 given, 746 received


Upupandaway View Post
I've watched all your videos. I like what you do, it's been very helpful. Something I'm not to sure about is the "opening swing". I've posted a 5minute chart of the CL. Would you point out what is the open swing, as you see it. It would be very much appreciated. Thank you

Chad

Your 5-minute chart is too slow to determine the opening swing. By the time a clear initial high and low were made, you had to wait 20 minutes. On your chart, the opening swing had already happened earlier.

However, imagining that this is a shorter time frame chart, the opening swing would be described as: 95.33 to 94.82. The opening type is OAOR (Open Auction Out of Range). On that day, the opening swing is very important for measuring which side has more business to transact.

You can also see that the opening swing was tested & confirmed at 8:56 CT and again at 9:15-ish CT and then AGAIN at 1:12 PM CT.

Risk Disclaimer: Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. Past Performance is not indicative of future results.


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Old May 14th, 2013, 12:33 PM   #122 (permalink)
 Vendor: www.futurestrader71.com 
Chicago, IL, USA
 
Futures Experience: Advanced
Platform: S5 Trader, IQFeed, IRT
Broker/Data: Stage 5 Trading Corp
Favorite Futures: ES, M6E, FDAX, TF, NQ, GC
 
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Posts: 229 since Feb 2012
Thanks: 48 given, 746 received


para6ut View Post
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Hi Chad,
Hope you don't mind me answering.
Please see how I understand it. FT says that OS is where buyers step in at the open and where sellers step in at the open. It is not related to time - it can be 8 seconds or 15 mins, it doesn't matter.

You can check this out -https://futures.io/elite-circle/26606-opening-swing-indicator-ninja.html

Nice going and thanks for stepping in.

Risk Disclaimer: Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. Past Performance is not indicative of future results.


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Old May 14th, 2013, 12:59 PM   #123 (permalink)
 Vendor: www.futurestrader71.com 
Chicago, IL, USA
 
Futures Experience: Advanced
Platform: S5 Trader, IQFeed, IRT
Broker/Data: Stage 5 Trading Corp
Favorite Futures: ES, M6E, FDAX, TF, NQ, GC
 
FuturesTrader71's Avatar
 
Posts: 229 since Feb 2012
Thanks: 48 given, 746 received



marts01 View Post
Hi FT71,

Since we re on the subject of Phantom of the Pits, could you please explain how the process has changed over the past 15 years? ie. How much emphasis has been taken over by electronic trading, how strong is the physical aspects in the pits and such. Orders, locals, human interaction, etc...

Really appreciate everything you and big mike are doing here. Thanks, marts

The biggest change is that the edges that existed in the pit are no longer there or are instantaneous now. Things like seeing a big broker's level of attention to the quote board before stepping in with both hands in the air or seeing a runner sprinting to a broker in the pit from the phone banks, etc. These are all gone. The field is much more level and fair = efficiency.

Also, there is a significant amount of additional noise now in the electronic trading world. There are many misleading marketing schemes, false promises, tweets, DVD's, seminars, etc. It is very easy now to get led in a lot of useless directions. This is the reason I went out into the public back in late 2009. I saw too much noise out there and too much focus on indicators and not enough on what the market really is.

The markets are much more efficient today than they were then. A trader has to trade with a more solid plan and a well-defined edge using a larger timeframe now than they did 15 years ago.

Risk Disclaimer: Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. Past Performance is not indicative of future results.


If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
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Old May 14th, 2013, 01:00 PM   #124 (permalink)
 Vendor: www.futurestrader71.com 
Chicago, IL, USA
 
Futures Experience: Advanced
Platform: S5 Trader, IQFeed, IRT
Broker/Data: Stage 5 Trading Corp
Favorite Futures: ES, M6E, FDAX, TF, NQ, GC
 
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Posts: 229 since Feb 2012
Thanks: 48 given, 746 received


PLD3 View Post
Hi FT71,

Just a quick query, do daily moving averages play a big part in your trading strategy?

If so, how? And what setup parameters do you find most helpful? (I currently chart on CQG and use type 'simple', price set to 'close', and look at 10, 20, 50 and 100 day moving averages)

Many thanks to both Big Mike and yourself for all your help, its much appreciated.

No, I don't use moving averages at all. Why not 18 period? Why not 22? 36? 54? 500?

Risk Disclaimer: Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. Past Performance is not indicative of future results.


If you have any questions about the products or services provided, please send me a Private Message or use the futures.io "Ask Me Anything" thread
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Old May 14th, 2013, 01:37 PM   #125 (permalink)
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Futures Edge on FIO

Are you a NinjaTrader user?

 
I want to thank FT71 for his time today as always. I'll post the recording of the AMA shortly.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

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Old May 14th, 2013, 01:46 PM   #126 (permalink)
Elite Member
Hong Kong
 
Futures Experience: Intermediate
Platform: NinjaTrader, TWS
Broker/Data: IB/Kinetick
Favorite Futures: ES
 
Posts: 227 since Jan 2012
Thanks: 130 given, 301 received

Thanks again for your time today. One question I had but time ran out. Not sure if this has been covered earlier:

What is your view on using tick charts vs the volume chart you have?

And if using tick charts, is there a recommended volume indicator to use to help assess Wyckoff/similar type action?

Richard
Hong Kong
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Old May 14th, 2013, 01:49 PM   #127 (permalink)
Elite Member
San Francisco, CA USA
 
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Broker/Data: IRT/DTNMA
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Power of Habit

FT, thanks for visiting with us again today. I just finished reading the Power of Habit and have started creating some habit loops for trading. I would be interested in an example of one that you created for yourself or someone that you have trained. Following the Cue, Routine, Reward loop format, I am struggling with the reward as I don't think it should be tied to the outcome of the trade. As you have said, we can do everything within our power perfectly to better our edge but the outcome of the trade is still a 50/50 proposition. In re-listening to one of your archived chats, I heard to you recommend grading yourself on saying what you would do and whether you did what you said. Thanks...Rhonda

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Old May 14th, 2013, 02:23 PM   #128 (permalink)
Site Administrator
Manta, Ecuador
 
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Platform: My own custom solution
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Posts: 45,541 since Jun 2009
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Here is the recording from today's AMA session.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Attached Files
ama-ft71-may14-2013.flv (133.65 MB, 346 views)
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Old May 14th, 2013, 02:31 PM   #129 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 45,541 since Jun 2009
Thanks: 28,884 given, 80,128 received

There is a problem with the in-line video player right now, I am working on it.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
     
The following user says Thank You to Big Mike for this post:
     

Old May 14th, 2013, 02:58 PM   #130 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 45,541 since Jun 2009
Thanks: 28,884 given, 80,128 received



Big Mike View Post
There is a problem with the in-line video player right now, I am working on it.

Mike

Working now, sorry for delay - was caught on phone.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
     
The following 2 users say Thank You to Big Mike for this post:
     

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